If you are wondering what is workmen compensation policy, you are in the right place. Accidents, injuries, disabilities and even fatalities are common in heavy industries, irrespective of the safety measures you take. Workers’ compensation insurance covers both the affected employee and your business financially in such scenarios. Availing a workmen compensation policy is also the mark of a caring, thoughtful employer who safeguards workers and their dependents against unforeseen events at the worksite.
Let us find out what is covered by a workers’ compensation policy and what is not.
Inclusions in workmen compensation policy
Now that you know about workmen compensation policy meaning, take a look at what it covers:
- Accidental death
- Temporary disablement (condition caused due to a work-related injury, which requires treatment and makes the worker temporarily incapable of doing the work they were doing before the injury)
- Permanent partial disablement (permanent disablement that reduces a worker’s earning capacity in any employment they were able to undertake before the accident)
- Permanent total disablement (permanent disablement that completely takes away a worker’s capacity to perform any work they could do before the accident)
Exclusions in workmen compensation policy
Listed here are the key instances that are not covered under a workmen compensation policy:
- Injury caused due to terrorism, invasion, war, hostilities, rebellion, mutiny, etc.
- Accidents that happen anywhere other than at the place of work, unless the worker is there as a part of their duty
- Penalty imposed on the worker under any law
- Accidents that occur under the influence of intoxicating drugs or alcohol
- Death or disability that occurs due to self-injury or intentional worsening of an accidental injury
- Injuries incurred while doing something for personal benefit
Conclusion
So, by now, you not only know what is workmen compensation policy, but also its inclusions and exclusions. And getting one is essential for your financial well-being in case a worker meets with an accident at the worksite. Buying a workmen compensation policy also means peace of mind for you, your employees, and their families. Moreover, when you avail of this policy from a reputed provider, you can expect flexible and comprehensive coverage that suits your distinct needs and a smooth claims settlement process.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.